《大行報告》美銀證券上調碧桂園服務(06098.HK)目標價至20元 評級「買入」
美銀證券上調碧桂園服務(06098.HK)目標價,由18.5元上調至20元,相等於2024年預測市盈率12倍,維持「買入」評級。該行亦上調對公司今年核心盈利預測5%至7%。
報告認為,碧桂園服務今年雙位數核心盈利增長應為可達致的目標,外來管理合約競標亦見提速,去年第三方新合約價值便按年升43%,相等於長遠可貢獻收入總樓面面積將有約一成增長。此外,公司派息比率慷慨,連同特別股息達近65%,乃超出預期。且公司可在現金流支持下維持派息增長。
該行又認為,碧桂園服務估值不高,目前股價僅今明年每股核心盈利7.2及6.6倍。管理層亦已表明未來商譽減值機會低,消除不明朗因素。
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